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HSBC drags European shares lower; LVMH gains on merger talks

Reuters | Updated: 28-10-2019 14:00 IST | Created: 28-10-2019 13:59 IST
HSBC drags European shares lower; LVMH gains on merger talks

European shares were inched lower on Monday as a glum profit outlook from lender HSBC offset gains following positive developments in the U.S.-China trade talks and Brexit.

The pan-European STOXX 600 fell 0.1% at 0807 GMT and London's FTSE 100 was down 0.4%, but Germany's DAX was up 0.2%. Asia-focused HSBC lost 3% after the lender dropped its 2020 profit target and warned it would have to undertake a costly restructuring, as it struggled amid a slowing global business environment.

Shares of Louis Vuitton owner LVMH gained 1% after a report that the company has approached U.S. jeweler Tiffany & Co with a $14.5 billion acquisition offer. Trade - exposed auto and mining stocks led gains among sub-sectors.

U.S. and Chinese officials are "close to finalizing" some parts of a trade agreement, officials said on Friday, while the European Union was expected to approve a flexible 3-month Brexit delay.

Also Read: FTSE 100 slips as HSBC sparks sell-off in banking stocks


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